December is a busy month for the Treasury - SBCA Chartered Accountants

December is a busy month for the Treasury

By 31st October 2013Uncategorized

Wednesday 4th December 2013: Autumn Statement

It has been announced that George Osborne will be presenting his Autumn Statement to Parliament at 12.30pm, Wednesday 4th December. The Statement usually sets the tone of future changes to our tax legislation, particularly, those to be included in the Finance Bill 2014.

 Tuesday 10th December 2013: Draft clauses published

Six days later the Treasury have committed to publishing draft clauses to be included in the Finance Bill 2014. This “putting meat on the bones” approach will give tax professionals an opportunity to comment on proposed changes to the tax code.

The draft clauses will be augmented by the addition of the following information:

• Responses to policy consultations
• Explanatory notes, and
• Tax information and impact notes

This process, of publishing draft clauses, is to be welcomed as it provides a useful window of opportunity for meaningful consultation prior to the publication of the more formal Finance Bill next year.

Consultations on the draft legislation will remain open until 4th February 2014.